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January 2003 Archives

Rising Rates Expected to Reduce
Mortgage applications went up and the 30-year remained almost flat, but the one-year adjustable-rate mortgage reached a record low last week.

Principal Mortgage to Layoff 500
Principal Financial Group announced Wednesday that it will phase out its traditional residential mortgage loan operation by Feb. 28, laying off about 500 employees in 78 branch offices.

Production Up 1/3 From 2001 at First Horizon
First Horizon reported an increase in loan origination volume, fueled by the record refi rage of 2002.

Share of Cashouts Fall
Freddie Mac-owned loans saw a decrease in cash-outs during the fourth quarter, the mortgage mammoth announced.

Record Purchases for Freddie as Earnings Restated
Mortgage phenomenon Freddie Mac reported record mortgage purchases for 2002, a leader of the pack of companies that the busy year benefited. The company also announced that it will restate earnings upward.

World Savings Sees Record ARM Originations
Joining the companies that enjoyed 2002's mortgage deluge, Golden West Financial Corporation reported record loan originations during the year and the fourth quarter.

Originations Up 71% From 2001 at Wells
Wells Fargo & Company reported quarterly and yearly increases in mortgage loan production.

Production Falls From 2001 at Chase
JPMorgan Chase & Co. announced an increase in fourth quarter mortgage loan production, but 2002 as a whole proved to be a challenging year for the lender.

Record 2002 Production at ABN AMRO
ABN AMRO Mortgage Group, Inc. reported a record-breaking year in production, led by its wholesale lending branch.

Broker Lies on Stand in $67 Mil Mortgage Fraud Case
A group of mortgage brokers have been accused of using fraudulent loan packages to help a New York builder sell properties at artificially inflated prices.

Threat of War Pushes Mortgage Rates Down
Mortgage applications took another turn downward, while mortgage rates decreased a bit upon increased threat of war.

MBA Sees 6.5% Rates, Near Record Purchase Activity in 2003
The Mortgage Bankers Association of America released its "State of the Real Estate Finance Industry" report, which recaps all-things housing from 2002 and states expectations for this year.

Mortgage Payment on Scandalous Execs House Tops $100k
My, how the mighty have fallen. And if you were to buy a home owned by one of 2002's scandalous corporate executives, your monthly mortgage payment also would be mighty.

Record $33.1 Billion 2002 GreenPoint Production
GreenPoint Financial Corp. ended 2002 with record origination of exclusively "A" quality loans, the lender said.

MBA Forecasts $1.77 Trillion 2003 Production
Mortgage originations won't be enjoying the heyday they did in 2002, according to the latest mortgage finance forecast released by the Mortgage Bankers Association of America.

Rates to Hover at Current Levels, Freddie Economist Says
Mortgage rates and the mortgage application index remained almost unchanged this week but turned their faces in opposite, unfavorable directions.

BoA 2002 Net $9.25 Billion
Bank of America Corporation announced an increase in net income during the fourth quarter and released its mortgage banking income.

Record $848.9 Billion Business Volume During 2002 at Fannie
Fannie Mae announced 2002 totals and fourth quarter results Wednesday, showing off plenty of increases -- except in net income, where the mortgage giant took a fall.

SunTrust Reports 2002 Earnings
SunTrust Banks, Inc. reported an increase in its average loans for the fourth quarter, but reported a dip in net income.

Record $5.3 Billion Flagstar December Production
Flagstar Bancorp, Inc. announced another record-breaking quarter and month of mortgage loan originations.

407,000 Employed in Mortgage Lending
The mortgage industry continues to provide an increasing number of jobs in a time when general unemployment is high.

Countrywide 2002 Production 1/4 Trillion
Countrywide Financial Corporation announced personal-bests in total fundings during the fourth quarter and the month of December. Users Top 10,000
The number of registered users has passed the ten grand mark, according to a user registration system implemented in August.

Rates Rise From Record Lows
Mortgage rates increased slightly from last week's all-time low, with mortgage applications responding to those record low rates.

30-day Q3 Delinquency Down 14 bps, 90's rise
Mortgage delinquency slowed during the third quarter and foreclosures remained flat, according to the National Delinquency Survey released Tuesday by the Mortgage Bankers Association of America (MBA). The MBA is also debuting a look at prime conventional delinquencies alone.

Less Stress, More Sales
Industry commentary by Dave Hershman

Quicken Settles Charges it Failed to Provide Adverse Action Notices
Quicken Loans, Inc. has agreed to settle charges from the Federal Trade Commission that the mortgage lender violated the Fair Credit Reporting Act, the FTC announced Dec. 30.

How Low Can They Go?
Mortgage rates hit their lowest level in 40 years this past week. However, a stock market rally and the lack of traders caused related Treasury yields to spike during the past couple days.

Bankers, Appraiser Accused in Builder Fraud Case
Two former bank executives and an appraiser have been accused of playing a role in a scheme where one of Cincinnati's largest builders allegedly used funds -- intended to pay off construction mortgages -- to cover bad checks.

COFI Tumbles to Lowest Level in Decades
The cost of money for west coast savings institutions fell to its lowest point in decades, bringing down the index that many adjustable rate mortgages are tied to.

Record Production at Indymac
IndyMac Bank reported record mortgage loan production for the fourth quarter and the year.

Household Net Drops
After a rough year, Household International, Inc. reported an increase in net income during the fourth quarter, but experienced a decrease since last year.

Calif Sues Long Beach for Interest Overcharges
California's investment and financing authority has sued a Washington Mutual, Inc. subsidiary for allegedly overcharging subprime borrowers even two years after the authority warned the lender that it was in violation of state law.

Scratch & Dent RMBS Issuance Up
Moody's reported that the market for non-standard RMBS deals backed by scratch-and-dent, reperforming, sub-performing, and non-performing loans is gaining ground. However, some analysts say this characterization is skewed because issuance in general has multiplied.

New Century Production Soars
New Century Financial Corporation announced record mortgage loan production for the December, fourth quarter, and fiscal year periods.

Cendant's High Default Rate in KC & St. Louis Spur HUD Audit
After completing an audit of Cendant Mortgage Corp. because of its high default rate in certain cities, HUD has asked the lender to indemnify more than 1,000 loans that were improperly endorsed for federal insurance coverage.

Max FHA Loan Now $280,749
Government-insured mortgage limits have been increased, reflecting a recent increase in the maximum conforming loan amount.

GMAC Top Commercial Servicer
The Mortgage Bankers Association of America released its ranking of multifamily and commercial loan servicers for 2002, with the top company returning to dominate leagues above its nearest competitor.

Double X Transactions
Recent commercial mortgage activity.

$1.8 Billion 2002 Apartment Production at ABN AMRO
ABN AMRO Apartment Lending announced increases in production for December, the fourth quarter, and the entire year.

Near Record Fannie Multifamily Investments as S&P Says Sector Souring
Fannie Mae announced that in 2002 it nearly matched its record multifamily investments, even though Standard & Poor's Ratings Services also announced that the multifamily housing sector has been declining financially.

GMAC Reports Record 2002 FHA Production
GMAC Commercial Mortgage Corporation announced it closed a record volume of loans insured by the Federal Housing Administration during 2002.

Prudent Transactions
Recent commercial mortgage loan activity

Apartment Refis, etc.
Recent commercial mortgage transactions

Economy to Escalate CMBS Delinquencies
The credit performance of CMBS has been exceptionally strong over the past 10 years, according to a report by S&P. However, the report also said the slow economic recovery will produce escalating delinquencies.

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